The opening of the Yellow Grass branch was attributed as a significant factor in the growth of the Weyburn Credit Union in the 2004 financial year.

The Credit Union's financial report for the past year was released Wednesday at their annual meeting, which well over 100 members attended.

Assets grew nearly $20 million in 2004, increasing from $206.4 to $226.4 million. The greatest increase was in cash, which jumped nearly $9 million, and loans receivable, which increased roughly $10.5 million.

In his speech, CEO Al Messer said that roughly a third - $7.25 million - of the increase in assets "was a result of opening the branch in Yellow Grass."

Yellow Grass joined the Credit Union after residents were told early in 2004 that their bank would close later that year. After completing a market analysis, the branch was opened in July, though the grand opening was held earlier in mid-March.

Between the Weyburn, Lang and now Yellow Grass branches, the Credit Union's combined customer base is now 9,223 members and 555 non-members. The number of accounts has increased by 888 to 37,523.

Reserves and member equity represented 7.65 per cent of assets, a total of $17.324 million. As a result of the phenomenal growth, this was a decrease from 2003. During the previous year, member equity and reserves represented 7.87 per cent.

In keeping with policy, consideration was given to borrowing and saving members when allocating surplus profits after reserve requirement. Gross profit this year grew to $1.812 million.

As a result, the board of directors declared rebates, bonuses and patronage allocations of 7.5 per cent, representing a return of $810,511 to members.

Liabilities also increased in 2004 from $190 million to $209 million. Deposits alone increased from $188.1 million to $207.13 million.

It should also be noted that the Credit Union administers roughly $42 million in off-balance sheet deposits.

2004 was also a big year in terms of training and changes in member service.

Regarding the training of staff, it was noted that all management personnel received eight days of sales and service-related training, and all other employees received five days of training.

A total of 11 staff members wrote Credit Union Institute of Canada (CUIC) exams in 2004. In additional, five Wealth Management employees participated in related training.

Discussing member service, Messer talked at length about how the Credit Union undertook a "You Tell Us" survey, completed by several hundred members in all branches. The results have been forwarded to him and the information is now being reviewed.

To compliment the survey, the Credit Union also created a "You Tell Us" section on their website.

They also implemented two new internal service forms called "Heart Attacks" form and "Heart Warmers." This was done to prioritize service, said Messer; for example, if there is a disruption in service, they consider it a "Heart Attack" and management and staff are immediately notified.

A "Heart Warmer" form is utilized when the Credit Union receives compliments from members or staff.

Messer also discussed the process for his replacement . Effective April 1 of next year, Messer will be retiring as CEO, a position he has held for over 30 years.

The board of directors will soon start interviewing human resources firms to assist in finding a replacement, completing this process by the end of June. The board will work with the facilitator to review applicants, and a new CEO will be selected by December.

Finally, Messer congratulated everyone on holding a terrific 60th anniversary celebration, which included a kick-off celebration, a calendar, barbecue and a musical called "A Diamond Cavalcade."

"I would be remiss if I didn't thank the board of directors and my entire staff for pulling together and making the 60th anniversary celebration a tremendous success," he said.

In board elections, three new members - Gary Beck, Randy Vopni and Jim Yeager - were elected to the board of directors.

Because of the addition of Yellow Grass to the Credit Union, that community will see increased representation on the board of directors and there will be 10 members for the next three years.

Service awards were also presented to Eliford Mott (15 years) and Mel Eggum (30 years).

The board also honoured outgoing member Ron Milleker. He has been with the board of directors since 1984, and was president of the board from 1995 to 1998, and again in 2001.